National-Oilwell Q3 profit climbs

CBSMarketWatch

SAN FRANCISCO (CBS.MW) -- National-Oilwell reported a climb in third-quarter profit Friday, benefiting from a 24 percent rise in revenue.

The company
NOI
posted third-quarter earnings of $27.8 million, or 32 cents per share, compared with $21.7 million, or 25 cents per share, in the year-earlier period. The latest third-quarter results were in line with the average estimate of analysts polled by Thomson First Call.

Revenue rose to $618.9 million from $498.6 million a year ago.

National-Oilwell's capital equipment backlog increase "significantly" in the third quarter to $575 million, "as we obtained new orders of $333 million and recognized record quarterly revenues from backlog of $199 million," Pete Miller, chief executive officer of the Houston-based firm said in a statement. Shares closed at $33.71, up $1.27, or 3.9 percent Friday.

Pride International posts Q3 loss

The company
PDE
saw a net loss for the third quarter of $18.2 million, or 13 cents a share. Excluding special charges of 20 cents, it topped the average 6-cent per share profit estimate of analysts surveyed by Thomson First Call.

A year ago, the company posted a net profit of $28.7 million, or 19 cents per share.

Revenue fell to $442.8 million from $450.8 million.

Pride shares followed their peers higher Friday to close at $18.48, up 48 cents.

The company lowered the range of its 2004 outlook for earnings from continuing operations to a range of $1.75 to $1.90 per share from $1.75 to $2.00 per share, partially due to debt repayment premiums. The stock closed at $26.38, up 30 cents.

Oil, gas prices boost Anadarko's Q3

Anadarko Petroleum Corp.
APC, -0.74%
, riding a nearly one-third increase in the per-barrel price of oil, posted third-quarter profit growth of 45 percent, the company said. See full story.

Peoples Energy posts quarterly loss

Peoples Energy
PGL, +1.59%
said it swung to a fourth-quarter loss due to a $17 million restructuring charge and a decline in natural gas deliveries. See full story.

Nexen buys Encana UK for $2.1bn

Independent Canadian oil and gas company Nexen
NXY
is to buy the U.K. subsidiary to fellow Canadian independent Encana
ECA, -0.72%
for $2.1 billion in cash, including its interests in the Buzzard oil field. See full story.

Oil futures ends up 5% for the month

Crude-oil futures closed higher to tally a gain of 5 percent for the month, lifted by growing doubt that China's interest-rate hike will dampen energy demand, and the ever-existing possibility that supply disruptions could flare up anywhere in the world. See Futures Movers.Also see Energy Stocks.

Oil prices should begin to moderate

Crude oil prices should begin to moderate from current levels above $50 a barrel over the next 12 months, Ted Izatt, an energy analyst at Bear Stearns, said during a conference call. See full story.

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